Magnite, Inc. $MGNI Shares Sold by Moody National Bank Trust Division

Moody National Bank Trust Division decreased its stake in Magnite, Inc. (NASDAQ:MGNI) by 51.4% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 96,184 shares of the company’s stock after selling 101,608 shares during the period. Moody National Bank Trust Division’s holdings in Magnite were worth $1,561,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Neo Ivy Capital Management purchased a new stake in Magnite in the third quarter valued at $27,000. US Bancorp DE lifted its holdings in shares of Magnite by 75.8% in the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after purchasing an additional 688 shares during the last quarter. State of Wyoming acquired a new stake in shares of Magnite in the 3rd quarter valued at about $39,000. USA Financial Formulas acquired a new stake in shares of Magnite in the 3rd quarter valued at about $40,000. Finally, Strategic Advocates LLC purchased a new position in Magnite during the 3rd quarter worth approximately $42,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Evercore reissued an “outperform” rating and issued a $20.00 price objective on shares of Magnite in a report on Thursday, February 26th. Benchmark lowered their price objective on shares of Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Scotiabank decreased their target price on shares of Magnite from $30.00 to $16.00 and set a “sector outperform” rating for the company in a research note on Thursday, February 26th. Rosenblatt Securities reaffirmed a “buy” rating and set a $39.00 price objective on shares of Magnite in a research note on Thursday, February 26th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a research note on Thursday, January 22nd. Nine investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $24.10.

Insider Activity at Magnite

In other Magnite news, insider Adam Lee Soroca sold 21,529 shares of the company’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $12.00, for a total value of $258,348.00. Following the sale, the insider owned 388,425 shares of the company’s stock, valued at approximately $4,661,100. This represents a 5.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 4.30% of the stock is owned by company insiders.

Magnite Trading Down 3.4%

Shares of MGNI stock opened at $12.03 on Wednesday. Magnite, Inc. has a 1-year low of $8.22 and a 1-year high of $26.65. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. The business’s fifty day moving average price is $13.06 and its 200 day moving average price is $16.16. The firm has a market capitalization of $1.74 billion, a PE ratio of 12.80, a P/E/G ratio of 0.67 and a beta of 2.34.

About Magnite

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).